Development

Stream Realty Partners to Develop 156,000 SF Spec Industrial Project in Northwest Houston

by Taylor Williams February 7, 2022

HOUSTON — Stream Realty Partners will develop Raceway NW Distribution Center, a 156,000-square-foot speculative industrial project that will be located in northwest Houston. Building features will include 36-foot clear heights, 109 car parking spaces and 22 trailer parking stalls. Construction is set to begin in the second quarter, and completion is scheduled for December. Project partners include Randall-Paulson Architects and civil engineer Halff Associates. A general contractor has yet to be selected.

February 7, 2022

Development Multifamily Texas

PointOne Holdings Completes 266-Unit Main Street Lofts in Mansfield, Texas

by Taylor Williams February 7, 2022

MANSFIELD, TEXAS — PointOne Holdings, a development and investment firm with offices in Atlanta and South Florida, has completed Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Units are available in studio, one-, two- and three-bedroom formats. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Information on starting rents was not disclosed.

February 7, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture to Develop 310,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams February 7, 2022

PHILADELPHIA — A joint venture between Chicago-based developers Sterling Bay and Harrison Street, as well as New York City-based Botanic Properties, will develop a 310,000-square-foot life sciences facility in Philadelphia’s University City neighborhood. The 13-story building will be situated on a 33,400-square-foot parcel at 3801 Chestnut St. The facility will house lab space to accommodate cell and gene therapy users. Construction is scheduled to begin in the first quarter of 2023 and to be complete in mid-2025.

February 7, 2022

Development Multifamily North Carolina Southeast

Wood Partners Breaks Ground on 306-Unit Apartment Project in Raleigh

by Julia Sanders February 7, 2022

RALEIGH, N.C. — Wood Partners has broken ground on Alta Vale, a 306-unit apartment project in Raleigh. The community is scheduled to open in March 2023. Once complete, Alta Vale will offer one-, two- and three-bedroom floor plans. Unit features will include quartz countertops, stainless steel appliances, tile backsplashes, in-home washer and dryer sets and vinyl plank flooring throughout the kitchen, living room and baths. Community amenities will include a pool, outdoor kitchen and lounge, clubhouse, fitness center, resident café, game room, coworking and conference spaces, pet spa, onsite dog park and access to the Crabtree Creek Greenway Trail. Located just outside the 440 Beltline, the project will be situated near downtown Raleigh, North Carolina State University and Research Triangle Park. The property will be located near the North Carolina Museum of Art, PNC Arena, Raleigh-Durham International Airport and the 5,600-acre Umstead State Park.

February 7, 2022

California Development Multifamily Seniors Housing Western

Griffin Living Opens 102-Unit Seniors Housing Community Near Los Angeles

by Amy Works February 7, 2022

SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”

February 7, 2022

Affordable Housing Development Indiana Midwest Multifamily

TWG Underway on $10.8M Affordable Housing Community in Seymour, Indiana

by Kristin Harlow February 7, 2022

SEYMOUR, IND. — Developer TWG is underway on construction of Seymour Lofts, a $10.8 million affordable housing community in Seymour, about 50 miles north of Louisville, Ky. The property’s 50 units will be targeted for families who make an annual salary between $30,000 and $40,000. Project partners include Midwest Support Foundation, Indiana Housing and Community Development Authority, The Federal Home Loan Bank of Indianapolis and the City of Seymour. Amenities will include a playground and clubhouse. Construction began in December, but a timeline for completion was not released.

February 7, 2022

Development Florida Multifamily Southeast

Fifield Breaks Ground on 266-Unit Avida Aventura Apartments in Miami

by Julia Sanders February 4, 2022

MIAMI — Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a 20,000-square-foot rooftop entertaining deck with a heated pool, shaded cabanas, dining areas, grills, sauna and a spa; dog spa; fitness center; two resident lounges with dining and coworking and hosting areas; and a dedicated coworking space. Located at 19401 W. Dixie Highway, the development is situated near the new Aventura Brightline rail station and Aventura Mall. The property is also 16.7 miles from downtown Miami and 14.8 miles from Fort Lauderdale. Fifield Cos. has partnered with CrowdStreet, Sencorp and Bank OZK for the project. MSA Architects designed the building, ID & Design International is handling interior design and Current Builders is the general contractor.

February 4, 2022

Development Loans Multifamily Texas

Madison Realty Capital Provides $53M Construction Loan for San Antonio Multifamily Project

by Taylor Williams February 4, 2022

SAN ANTONIO — Madison Realty Capital, a private equity real estate firm based in New York City, has provided a $53 million construction loan for The Josephine, a 261-unit multifamily project that will be located just outside of downtown San Antonio. The Josephine will feature studio, one-, two- and three-bedroom units that will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center and outdoor activity areas. About half the residences will be designated as affordable housing, although information on specific income restrictions was not disclosed. The borrower is locally based developer LYND Co.

February 4, 2022

Development Illinois Leasing Activity Midwest Office

SPINS Preleases 47,883 SF at New Office Development in Chicago’s River North

by Kristin Harlow February 4, 2022

CHICAGO — SPINS, a data provider and advocate for the health and wellness industry, has preleased 47,883 square feet of space at 311 W. Huron, a new office development in Chicago’s River North. The developer, North Wells Capital, plans to break ground in April. SPINS will serve as the anchor tenant of the 15-story building upon completion in late 2023. The 153,611-square-foot building will be part of Verso, a three-phase development. Jeffrey Skender, Ari Klein, Scott Shelbourne and Marcus Berglund of Cushman & Wakefield represented SPINS. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership. SPINS currently occupies space at 222 W. Hubbard, which is also owned by North Wells Capital.

February 4, 2022

Arizona Development Hospitality Multifamily Western

Sterling Real Estate Partners Plans Apartment Conversion at 114-Room Hotel in Scottsdale, Arizona

by Amy Works February 4, 2022

SCOTTSDALE, ARIZ. — Sterling Real Estate Partners has purchased Suites on Scottsdale, a hotel property in Scottsdale, for an undisclosed price in an off-market transaction. The company plans to convert the 114-key extended-stay hotel, which was built in 1996, into an 85-unit apartment community. The conversion will consist of modifying the existing structure to conform to Scottsdale’s building codes, including new balconies for every unit, enhanced curb appeal and select rooms combined to improve unit mix. New resident amenities will include a large conference room with workspace-style offices; indoor/outdoor fitness center; yoga studio; movie theater; dog park with pet washing station; resort-style pool; automated package locker delivery system; and smart access system.

February 4, 2022

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